New York REIT Liquidating (NYRT) 10-Q 8 Aug 18 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2018	Aug. 01, 2018
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
Trading Symbol	NYRT
Entity Registrant Name	NEW YORK REIT, INC.
Entity Central Index Key	1,474,464
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		16,791,769

Consolidated Statement of Net A

Consolidated Statement of Net Assets - Liquidation Value [Member] - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Assets
Investments in real estate	$ 41,000	$ 488,616
Investment in unconsolidated joint venture	265,362	257,634
Cash and cash equivalents	30,458	241,019
Restricted cash held in escrow	92,930	99,768
Accounts receivable	2,068	3,696
Total Assets	431,818	1,090,733
Liabilities
Mortgage notes payable	0	215,494
Liability for estimated costs in excess of estimated receipts during liquidation	2,174	27,228
Accounts payable, accrued expenses and other liabilities	8,286	14,881
Related party fees payable		17
Total liabilities	10,460	257,620
Commitments and Contingencies
Net assets in liquidation	$ 421,358	$ 833,113

Consolidated Statements of Chan

Consolidated Statements of Changes in Net Assets - Liquidation Value [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Net assets in liquidation, beginning of period	$ 502,707	$ 1,553,047	$ 833,113	$ 1,552,926
Changes in net assets in liquidation
Changes in liquidation value of investments in real estate	(5,000)	(2,500)	(9,000)	(2,500)
Changes in liquidation value of investment in unconsolidated joint venture	5,088		11,862
Remeasurement of assets and liabilities	3	(3,375)	2,681	(3,254)
Remeasurement of non-controlling interest		(120)		(120)
Net changes in liquidation value	91	(5,995)	5,543	(5,874)
Liquidating distributions to common stockholders	(81,440)		(417,298)
Changes in net assets in liquidation	(81,349)	(5,995)	(411,755)	(5,874)
Net assets in liquidation, end of period	$ 421,358	$ 1,547,052	$ 421,358	$ 1,547,052

Organization

Organization	6 Months Ended
	Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Note 1 — Organization New York REIT, Inc. (the “Company”) was incorporated on October 6, 2009 as a Maryland corporation that qualified as a real estate investment trust for U.S. federal income tax purposes (“REIT”) beginning with its taxable year ended December 31, 2010. On April 15, 2014, the Company listed its common stock on the New York Stock Exchange (“NYSE”) under the symbol “NYRT.” Substantially all of the Company’s business is conducted through its operating partnership, New York Recovery Operating Partnership, L.P., a Delaware limited partnership (the “OP”). The Company’s only significant asset is the general partnership interests it owns in the OP and assets held by the Company for the use and benefit of the OP. On August 22, 2016, the Company’s Board of Directors (the “Board”) approved a plan of liquidation to sell in an orderly manner all or substantially all of the assets of the Company and its OP and to liquidate and dissolve the Company and the OP (the “Liquidation Plan”), subject to stockholder approval. The Liquidation Plan was approved at a special meeting of stockholders on January 3, 2017. As of June 30, 2018, the Company owned two investments, the Viceroy Hotel and the Company’s equity interest in WWP Holdings, LLC (Worldwide Plaza). The Company’s share of Worldwide Plaza has an aggregate of 1.1 million rentable square feet, with an average occupancy of 98.2%. At June 30, 2018 office, hotel and retail space represent 78%, 17% and 5%, respectively, of rentable square feet including Worldwide Plaza. The Viceroy Hotel is currently under contract for sale which, if consummated, is expected to close in the third quarter of 2018 or shortly thereafter. The Company has no employees. Prior to March 8, 2017, the Company retained (i) New York Recovery Advisors, LLC (the “Former Advisor”) to manage its affairs on a day-to-day On March 8, 2017, the Company transferred all advisory duties from the Former Advisor to Winthrop REIT Advisors, LLC (the “Winthrop Advisor”) and property management services with respect to properties managed by ARG Property Manager were transferred to Winthrop Management, L.P. (the “Winthrop Property Manager”). In March 2018 the Company effected a 1-for-10 Any fractional shares resulting from the Reverse Split have been redeemed for cash in lieu of shares.

Liquidation Plan

Liquidation Plan	6 Months Ended
	Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Liquidation Plan	Note 2 — Liquidation Plan The Liquidation Plan, as amended by the Board of Directors in accordance with the terms of the Liquidation Plan, provides for an orderly sale of the Company’s assets, payment of the Company’s liabilities and other obligations and the winding down of operations and final dissolution of the Company. The Company is no longer permitted to make any new investments other than to make protective acquisitions or advances with respect to its existing assets. The Company is permitted to satisfy any existing contractual obligations and fund required tenant improvements and capital expenditures at its real estate properties, including real estate properties owned by joint ventures in which the Company owns an interest. The Liquidation Plan enables the Company to sell any and all of its assets without further approval of the stockholders and provides that liquidating distributions be made to the stockholders as determined by the Board. Pursuant to applicable REIT rules, the Company must complete the disposition of its assets by January 3, 2019, two years after the date the Liquidation Plan was approved by the stockholders, in order to deduct liquidating distributions as dividends. To the extent that all of the Company’s assets are not sold by such date, the Company intends to satisfy the requirement by converting the Company to a limited liability company, which will require stockholder approval. The Company has filed a Registration Statement on Form S-4 The dissolution process and the amount and timing of distributions to stockholders involves risks and uncertainties. Accordingly, it is not possible to predict the timing or aggregate amount which will be ultimately distributed to stockholders and no assurance can be given that the distributions will equal or exceed the estimate of net assets presented in the Consolidated Statements of Net Assets. The Company expects to continue to qualify as a REIT throughout the liquidation until such time as the Company is converted into a limited liability company, which will require stockholder approval, or any remaining assets are transferred into a liquidating trust. The Board shall use commercially reasonable efforts to continue to cause the Company to maintain its REIT status, provided however, the Board may elect to terminate the Company’s status as a REIT if it determines that such termination would be in the best interest of the stockholders. Although the Board does not intend to do so, the Board may terminate the Liquidation Plan without stockholder approval only (i) if the Board approves the Company to enter into an agreement involving the sale or other disposition of all or substantially all of the assets or common stock by merger, consolidation, share exchange, business combination, sale or other transaction involving the Company or (ii) if the Board determines, in exercise of its duties under Maryland law, after consultation with the Winthrop Advisor, if applicable, or other third party experts familiar with the market for Manhattan office properties, that an adverse change in the market for Manhattan office properties has occurred and reasonably would expect it to adversely affect continuing with the Liquidation Plan. Notwithstanding approval of the Liquidation Plan by the stockholders, the Board may amend the Liquidation Plan without further action by the stockholders to the extent permitted under the current law.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 3 — Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements of the Company were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). All intercompany accounts and transactions have been eliminated in consolidation. Liquidation Basis of Accounting As a result of the approval of the Liquidation Plan by the stockholders, the Company adopted the liquidation basis of accounting as of January 1, 2017 and for the periods subsequent to December 31, 2016 in accordance with GAAP. Accordingly, on January 1, 2017, the carrying value of the Company’s assets were adjusted to their liquidation value, which represents the estimated amount of cash that the Company will collect on disposal of assets as it carries out its liquidation activities under the Liquidation Plan. The current estimate of net assets in liquidation has been calculated based on undiscounted cash flow projections that all the properties will be sold by September 30, 2018 except for the remaining interest in Worldwide Plaza. The Company projects that the remaining interest in Worldwide Plaza will be sold approximately during the fourth quarter of 2021. The actual timing of sales has not yet been determined and is subject to future events and uncertainties. These estimates are subject to change based on the actual timing of future asset sales. The liquidation value of the Company’s investments in real estate is based on expected sales proceeds presented on an undiscounted basis. Estimated costs to dispose of assets have been presented separately from the related assets. Liabilities are carried at their contractual amounts due as adjusted for the timing and other assumptions related to the liquidation process. The Company accrues costs and revenues that it expects to incur and earn as it carries out its liquidation activities through the end of the projected liquidation period to the extent it has a reasonable basis for estimation. Estimated costs expected to be incurred through the end of the liquidation period include budgeted property expenses and corporate overhead, costs to dispose of the properties, mortgage interest expense, costs associated with satisfying known and contingent liabilities and other costs associated with the winding down and dissolution of the Company. Revenues are based on in-place re-lease As a result of the change to the liquidation basis of accounting, the Company no longer presents a Consolidated Balance Sheet, a Consolidated Statement of Operations and Comprehensive Income (Loss), a Consolidated Statement of Changes in Equity or a Consolidated Statement of Cash Flows. Use of Estimates Certain of the Company’s accounting estimates are particularly important for an understanding of the Company’s financial position and results of operations and require the application of significant judgment by management. As a result, these estimates are subject to a degree of uncertainty. The Company is required to estimate all costs and revenue it expects to incur and earn through the end of liquidation including the estimated amount of cash it expects to collect on the disposal of its assets and the estimated costs to dispose of its assets. All of the estimates and evaluations are susceptible to change and actual results could differ materially from the estimates and evaluations. Revenue Recognition Under liquidation basis of accounting, the Company has accrued all revenue that it expects to earn through the end of liquidation to the extent it has a reasonable basis for estimation. Revenues are accrued based on contractual amounts due under the leases in place over the estimated hold period of each asset. These amounts are classified within liability for estimated costs in excess of estimated receipts during liquidation on the Consolidated Statement of Net Assets. In accordance with liquidation accounting, as of January 1, 2017, tenant and other receivables were adjusted to their net realizable values. Management continually reviews tenant and other receivables to determine collectability. Any changes in the collectability of the receivables is reflected in the net realizable value of the receivable. The Company owns certain properties with leases that include provisions for the tenant to pay contingent rental income based on a percent of the tenant’s sales upon the achievement of certain sales thresholds or other targets which may be monthly, quarterly or annual targets. Contingent rental income is not contemplated under liquidation accounting unless there is a reasonable basis to estimate future receipts. Investments in Real Estate As of January 1, 2017, the investments in real estate were adjusted to their estimated net realizable value upon sale, or liquidation value, to reflect the change to the liquidation basis of accounting. The liquidation value represents the estimated amount of cash the Company expects to collect on the disposal of its assets as it carries out the liquidation activities of its Liquidation Plan. The liquidation value of the Company’s investments in real estate are presented on an undiscounted basis. Estimated revenue during the period following the commencement of liquidation and prior to the expected sale date and costs to dispose of these assets are presented separately from the related assets. Subsequent to January 1, 2017, all changes in the estimated liquidation value of the investments in real estate are reflected as a change in the Company’s net assets in liquidation presented on an undiscounted basis. The liquidation value of investments in real estate is based on a number of factors including discounted cash flow and direct capitalization analyses, detailed analysis of current market comparables and broker opinions of value, and binding purchase offers to the extent available. Investment in Unconsolidated Joint Venture The Company accounts for its investment in unconsolidated joint venture under the equity method of accounting because the Company exercises significant influence over, but does not control the entity and is not considered to be the primary beneficiary. Under liquidation accounting, the investment in unconsolidated joint venture is recorded at its net realizable value. The Company evaluates the net realizable value of its unconsolidated joint venture at each reporting period. Any changes in net realizable value will be reflected as a change in the Company’s net assets in liquidation. The liquidation value of the Company’s remaining investment in Worldwide Plaza as of June 30, 2018 is based on the value of the property as a result of the Company’s recent sale of its 48.7% interest in Worldwide Plaza (See Note 7). Amortization Under liquidation accounting, intangible assets and liabilities are included in the liquidation value of investments in real estate and are no longer amortized. Restricted Cash Restricted cash primarily consists of the $90.7 million capital improvement reserve for Worldwide Plaza with the balance representing maintenance, real estate tax, structural and debt service reserves. Recent Accounting Pronouncement There are no new accounting pronouncements that are applicable or relevant to the Company under the liquidation basis of accounting.

Liability for Estimated Costs i

Liability for Estimated Costs in Excess of Estimated Receipts During Liquidation	6 Months Ended
	Jun. 30, 2018
Text Block [Abstract]
Liability for Estimated Costs in Excess of Estimated Receipts During Liquidation	Note 4 — Liability for Estimated Costs in Excess of Estimated Receipts During Liquidation The liquidation basis of accounting requires the Company to estimate net cash flows from operations and to accrue all costs associated with implementing and completing the plan of liquidation. The Company currently estimates that it will have costs in excess of estimated receipts during the liquidation. These amounts can vary significantly due to, among other things, the timing and estimates for executing and renewing leases, estimates of tenant improvement costs, the timing of property sales, direct costs incurred to complete the sales, the timing and amounts associated with discharging known and contingent liabilities and the costs associated with the winding down of operations. These costs are estimated and are anticipated to be paid out over the liquidation period. The Company accrued the following revenues and expenses expected to be earned or incurred during liquidation (in thousands): June 30, 2018 December 31, 2017 Rents and reimbursements $ — $ 1,956 Hotel revenues 3,937 11,769 Release of liability 4,234 — Property operating expenses — 1,930 Hotel operating expense (2,638 ) (10,487 ) Interest expense — (1,780 ) General and administrative expenses (5,868 ) (11,137 ) Capital expenditures (305 ) (920 ) Sales costs (1,534 ) (18,559 ) Liability for estimated costs in excess of estimated receipts during liquidation $ (2,174 ) $ (27,228 ) The change in the liability for estimated costs in excess of estimated receipts during liquidation for the six month periods ended June 30, 2018 and 2017 are as follows (in thousands): January 1, 2018 Net Change Remeasurement June 30, 2018 Assets: Estimated net inflows from investments in real estate $ 3,920 $ (2,781 ) $ 4,089 $ 5,228 Liabilities: Sales costs (18,559 ) 16,721 304 (1,534 ) Corporate expenditures (12,589 ) 8,433 (1,712 ) (5,868 ) (31,148 ) 25,154 (1,408 ) (7,402 ) Total liability for estimated costs in excess of estimated receipts during liquidation $ (27,228 ) $ 22,373 $ 2,681 $ (2,174 ) January 1, 2017 Net Change Remeasurement Consolidation (2) June 30, 2017 Assets: Estimated net inflows from investments in real estate $ 58,303 $ (31,285 ) $ (1,456 ) $ (1,572 ) $ 23,990 Liabilities: Sales costs (69,524 ) — 84 (57,334 ) (126,774 ) Corporate expenditures (67,360 ) 32,934 (1,882 ) — (36,308 ) (136,884 ) 32,934 (1,798 ) (57,334 ) (163,082 ) Total liability for estimated costs in excess of estimated receipts during liquidation $ (78,581 ) $ 1,649 $ (3,254 ) $ (58,906 ) $ (139,092 ) (1) Represents changes in cash, restricted cash, accounts receivable, accounts payable and accrued expenses as a result of the Company’s operating activities for the six month periods ended June 30, 2018 and 2017. (2) Represents adjustments necessary to reflect consolidation of Worldwide Plaza (see Note 7).

Net Assets in Liquidation

Net Assets in Liquidation	6 Months Ended
	Jun. 30, 2018
Text Block [Abstract]
Net Assets in Liquidation	Note 5 — Net Assets in Liquidation Net assets in liquidation decreased by $81.3 million and $411.8 million during the three and six months ended June 30, 2018, respectively. During the three months ended June 30, 2018, there was a liquidating distribution to common stockholders of $81.4 million and a $5.0 million decrease in the estimated liquidation value of the Viceroy Hotel property based on the contract for sale. The decrease in net assets during the three months ended June 30, 2018 was offset by a $5.1 million increase in the estimated liquidation value of the Company’s investment in Worldwide Plaza primarily related to the extended estimated hold period. The decrease during the six months ended June 30, 2018 is primarily due to liquidating distributions to common stockholders totaling $417.3 million, a $9.0 million decrease in the estimated liquidation value of the Viceroy Hotel property based on the contract for sale, which was directly offset by a release of liability of $4.2 million associated with the termination of the Viceroy Hotel management agreement and a $1.6 million decrease due to a remeasurement of estimated receipts related to the extended estimated hold period. The decrease in net assets was offset by a net increase of $11.9 million in the estimated liquidation value of the Company’s investment in Worldwide Plaza primarily related to the extended estimated hold period. Net assets in liquidation decreased by $5.9 million during the six months ended June 30, 2017. With the exception of the $0.1 million decrease due to remeasurement of estimated receipts which occurred in the first quarter ended March 31, 2017, the balance of these changes were made during the three months ended June 30, 2017. The primary reasons for the decrease in net assets was due to (i) a $2.5 million decrease in the liquidation value of investments in real estate as a result of the contract for sale of the 50 Varick Street office property, (ii) an increase of $1.7 million of projected tenant and capital improvement costs primarily at the 1440 Broadway and 256 West 38 th These items were partially offset by a $1.1 million increase in estimated cash flows resulting from extended holding periods of certain assets. The net assets in liquidation at June 30, 2018, presented on an undiscounted basis include the Company’s proportionate share in Worldwide Plaza’s net assets which include a property value at $1.725 billion based on the Company’s recent sale of its 48.7% interest in Worldwide Plaza discussed in Note 7. Future increases in the value of Worldwide Plaza, if any, from the agreed additional capital investment will be reflected in the Consolidated Statements of Net Assets when such capital investments are made and such increases in fair value can be observed. There were 16,791,769 Common Shares outstanding at June 30, 2018. The net assets in liquidation as of June 30, 2018, if sold at their net asset value, would result in liquidating distributions of approximately $25.09 per Common Share. The net assets in liquidation as of June 30, 2018 of $421.3 million, if sold at their net asset value, plus the cumulative liquidating distribution to common stockholders of $932.8 million ($55.55 per Common Share) prior to June 30, 2018 would result in cumulative liquidating distributions to common stockholders of $80.64 per Common Share. There is inherent uncertainty with these projections, and they could change materially based on the timing of the sales, the performance of the underlying assets and any changes in the underlying assumptions of the projected cash flows.

Real Estate Investments

Real Estate Investments	6 Months Ended
	Jun. 30, 2018
Real Estate [Abstract]
Real Estate Investments	Note 6 — Real Estate Investments 2018 Activity 333 West 34 th Street property sale – th pro-rations 350 West 42nd Street property sale – pro-rations One Jackson Square property sale – pro-rations 2091 Coney Island Avenue property sale – 306 East 61st Street – property sale – st pro-rations 350 Bleecker Street and 367-387 367-387 pro-rations 416 Washington Street – property sale – pro-rations 2067 – 2073 Coney Island Avenue – property sale – Centurion Parking Garage – property sale – th POL Loans 382-384 416-425 Viceroy Hotel – contract for sale – Significant Tenants The following table lists the tenants whose annualized cash rent represented greater than 10% of total annualized cash rent for the six months ended June 30, 2018 and 2017, including annualized cash rent related to the Company’s unconsolidated joint venture: June 30, Property Portfolio Tenant 2018 2017 Worldwide Plaza Cravath, Swaine & Moore, LLP 46.8 % 24.3 % Worldwide Plaza Nomura Holdings America, Inc. 30.3 % 15.8 % The termination, delinquency or non-renewal

Investment in Unconsolidated Jo

Investment in Unconsolidated Joint Venture	6 Months Ended
	Jun. 30, 2018
Equity Method Investments and Joint Ventures [Abstract]
Investment in Unconsolidated Joint Venture	Note 7 — Investment in Unconsolidated Joint Venture The Company initially owned a 48.9% equity interest in Worldwide Plaza. On June 1, 2017, the Company acquired an additional 49.9% equity interest in Worldwide Plaza on exercise of the Company’s option (the “WWP Option”) to purchase additional equity interests in Worldwide Plaza pursuant to the Company’s rights under the joint venture agreement of Worldwide Plaza for a contract purchase price of $276.7 million, based on the option price of the property of approximately $1.4 billion less the then outstanding debt balance of $875.0 million on the property. The Company’s joint venture partner exercised its right to retain 1.2% of the aggregate membership interests in Worldwide Plaza. Following the exercise of the option, the Company owned a total equity interest of 98.8% in Worldwide Plaza. On October 18, 2017, the Company sold a 48.7% interest in Worldwide Plaza to a joint venture managed by SL Green Realty Corp. and RXR Realty LLC based on an estimated underlying property value of $1.725 billion. In conjunction with the equity sale, there was a concurrent $1.2 billion refinancing of the existing Worldwide Plaza debt. The Company received cash at closing of approximately $446.5 million from the sale and excess proceeds from the financing, net of closing costs which included $108.3 million of defeasance and prepayment costs. The new debt on Worldwide Plaza bears interest at a blended rate of approximately 3.98% per annum, requires monthly payments of interest only and matures in November 2027. The Company has reserved $90.7 million of the proceeds in a separate account to fund future capital improvements to Worldwide Plaza. Following the sale of its interest, the Company now holds a 50.1% interest in Worldwide Plaza. The Company has determined that this investment is an investment in a variable interest entity (VIE). The Company has determined that it is not the primary beneficiary of this VIE since the Company does not have the power to direct the activities that most significantly impact the VIE’s economic performance. The Company accounts for this investment using the equity method of accounting. The lease with one of the tenants at the Worldwide Plaza property contains a right of first offer in the event that Worldwide Plaza sells 100% of the property. The right requires Worldwide Plaza to offer the tenant the option to purchase 100% of the Worldwide Plaza property, at the price, and on other material terms, proposed by Worldwide Plaza to third parties. If, after a 45-day re-offer The amounts reflected in the following tables are based on the financial information of Worldwide Plaza and are not presented on a liquidation basis of accounting. Under liquidation accounting, equity investments are carried at net realizable value. The condensed balance sheets as of June 30, 2018 and December 31, 2017 for Worldwide Plaza are as follows: (In thousands) June 30, December 31, Real estate assets, at cost $ 825,369 $ 825,310 Less accumulated depreciation and amortization (198,807 ) (185,377 ) Total real estate assets, net 626,562 639,933 Cash and cash equivalents 21,982 15,964 Other assets 161,642 161,285 Total assets $ 810,186 $ 817,182 Debt $ 1,219,156 $ 1,213,193 Other liabilities 130,434 126,142 Total liabilities 1,349,590 1,339,335 Deficit (539,404 ) (522,153 ) Total liabilities and deficit $ 810,186 $ 817,182 The condensed statements of operations for the three and six months ended June 30, 2018 and 2017 for Worldwide Plaza are as follows: Three Months Ended Six Months Ended (In thousands) June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 Rental income $ 35,602 $ 33,559 $ 69,781 $ 67,859 Operating expenses: Operating expenses 13,963 12,960 27,910 26,359 Depreciation and amortization 7,663 7,285 15,313 14,487 Total operating expenses 21,626 20,245 43,223 40,846 Operating income 13,976 13,314 26,558 27,013 Interest expense (18,402 ) (13,632 ) (36,607 ) (28,887 ) Net loss $ (4,426 ) $ (318 ) $ (10,049 ) $ (1,874 )

Mortgage Notes Payable

Mortgage Notes Payable	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
Mortgage Notes Payable	Note 8 — Mortgage Notes Payable Mortgage notes payable are carried at their contractual amounts due under liquidation accounting. The Company had outstanding mortgage notes payable of $0 at June 30, 2018 and $215.5 million at December 31, 2017. The mortgage notes payable were collateralized directly by the real estate held by the Company identified in the table below. The Company’s mortgage notes payable as of June 30, 2018 and December 31, 2017 consist of the following (in thousands): Outstanding Loan Amount Portfolio June 30, 2018 December 31, 2017 Mortgage Loan (1) $ — $ 176,246 1100 Kings Highway (2) — 20,200 Design Center (2) — 19,048 Mortgage notes payable, gross principal amount $ — $ 215,494 (1) Loan was repaid on April 19, 2018. All properties have been released as collateral. (2) Loans were paid off in connection with the sale of the property. On August 1, 2017, the Company’s mortgage loan collateralized by the 1100 Kings Highway property was modified to extend the maturity date to April 1, 2018 and to allow for partial release of the collateral. In April 2018, the loan maturity date was extended to May 29, 2018. The loan was satisfied in full on May 1, 2018. On December 20, 2016, the Company, through indirect wholly owned subsidiaries of the OP, entered into a mortgage loan (the “Mortgage Loan”) in the aggregate amount of $500.0 million and a mezzanine loan in the aggregate amount of $260.0 million (the “Mezzanine Loan” and, together with the Mortgage Loan, the “POL Loans”). The POL Loans were initially secured directly, in the case of the Mortgage Loan, and indirectly in the case of the Mezzanine Loan, by properties located in New York, New York at 245-249 216-218 382-384 416-425

Interest Rate Derivatives and H

Interest Rate Derivatives and Hedging Activities Risk	6 Months Ended
	Jun. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Interest Rate Derivatives and Hedging Activities Risk	Note 9 — Interest Rate Derivatives and Hedging Activities Risk Management Objective of Using Derivatives The Company periodically uses derivative financial instruments, including interest rate swaps, caps, collars, options, floors and other interest rate derivative contracts, to hedge all or a portion of the interest rate risk associated with its borrowings. The principal objective of such arrangements is to minimize the risks and costs associated with the Company’s operating and financial structure as well as to hedge specific anticipated transactions. The Company does not utilize derivatives for speculative purposes or purposes other than interest rate risk management. The use of derivative financial instruments carries certain risks, including the risk that the counterparties to these contractual arrangements will not perform under the agreements. To mitigate this risk, the Company only enters into derivative financial instruments with counterparties that the Company believes to have high credit ratings and with major financial institutions with which the Company and the Former Advisor and its affiliates may also have had other financial relationships. As these instruments were not converted to cash or other considerations, derivative financial instruments were valued at $0 as of January 1, 2017 in accordance with liquidation accounting. The Company was not a party to any derivative financial instruments at June 30, 2018 or December 31, 2017.

Common Stock

Common Stock	6 Months Ended
	Jun. 30, 2018
Federal Home Loan Banks [Abstract]
Common Stock	Note 10 — Common Stock In March 2018, the Company effected a 1-for-10 As of June 30, 2018 and December 31, 2017 the Company had 16.8 million shares of common stock outstanding, including unvested shares of restricted common stock (“restricted shares”). On January 3, 2017, the Company issued 84,166 shares of its common stock upon redemption of 841,660 OP units held by certain individuals who were members of the Former Advisor or its affiliates. As of June 30, 2018 and December 31, 2017, there were no OP units outstanding, other than OP units held by the Company. The Company expects to make periodic liquidating distributions out of net proceeds of asset sales, subject to satisfying its liabilities and obligations, in lieu of regular monthly dividends. During 2017, the Company paid aggregate liquidating distributions equal to $30.70 per Common Share. On January 26, 2018, the Company paid a cash liquidating distribution of $20.00 per Common Share. On May 18, 2018, the Company paid a cash liquidating distribution of $4.85 per Common Share. There can be no assurance as to the actual amount or timing of future liquidating distributions stockholders will receive.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 11 — Commitments and Contingencies Future Minimum Lease Payments At June 30, 2018, the Company’s only remaining leasehold interest is related to the Viceroy Hotel. The following table reflects the minimum contractual base cash payments, excluding reimbursements, due from the Company over the next five years and thereafter under the Viceroy Hotel ground lease agreement. These amounts exclude contingent rent payments, as applicable, that may be payable based on provisions related to increases in annual rent based on exceeding certain economic indexes among other items. The rent payments under the ground lease with respect to the leasehold interest will be paid by the purchaser following the sale of the property. Future Minimum (In thousands) Ground Lease July 1, 2018 - December 31, 2018 $ 2,636 2019 5,346 2020 5,346 2021 5,547 2022 5,828 Thereafter 234,905 Total minimum lease payments $ 259,608 As of June 30, 2018, the future minimum base rent payments related to the ground leases accrued until the projected disposal of the related properties amounted to $0.8 million and are included in liability for estimated costs in excess of estimated receipts during liquidation. Litigation and Regulatory Matters In the ordinary course of business, the Company may become subject to litigation, claims and regulatory matters. There are no legal or regulatory proceedings pending or known to be contemplated against the Company from which the Company expects to incur a material loss. Eastdil/Wells Fargo Arbitration On June 5, 2018, the Company and Wells Fargo Securities, LLC, and its affiliate, Eastdil Secured LLC (collectively, “Eastdil/Wells Fargo”), entered into an agreement to settle to the satisfaction of the parties the claim by Eastdil/Wells Fargo relating to the sale of the Company’s 48.7% interest in Worldwide Plaza. The settlement payment was not material to the Company’s financial statements and is fully reflected at June 30, 2018. Harris Derivative Suit In October 2016, Berney Harris filed a derivative complaint (the “Harris Complaint”) on behalf of the Company against certain current and former members of the Company’s board of directors (the “director defendants”), the Former Advisor, and certain affiliates of the Former Advisor (together with the Former Advisor, the “Former Advisor Defendants”). The Harris Complaint alleged, among other things, that the director defendants breached their fiduciary duties by putting the interests of the Former Advisor Defendants before those of the public stockholders, which breach was aided and abetted by the Former Advisor Defendants. The Harris Complaint also asserted claims of corporate waste against the director defendants and unjust enrichment against certain of the Former Advisor Defendants. On April 6, 2017, the Company’s Board of Directors (the “Board”) established an Evaluation Committee (“EC”) consisting of three disinterested directors to review, evaluate, and make a determination with respect to what actions, if any, should be taken regarding the allegations made in the Harris Complaint and a demand letter (the “Demand Letter”) sent by a different stockholder of the Company dated March 27, 2017 that alleged claims that were similar to those described in the Harris Complaint. On August 10, 2017, the Court issued an Order granting the Company’s and the director defendants’ motion to dismiss and also granted the motion to dismiss of one of the Former Advisor Defendants. On December 6, 2017, the Court dismissed the Harris Complaint in its entirety without prejudice. The EC retained independent legal counsel to assist and advise it in carrying out its duties, reviewed and considered the evidence and various factors relating to the Company’s best interests, and has completed its investigation. In accordance with its findings and conclusions, after careful deliberation, the EC determined that the claims asserted in the Harris Complaint and the Demand Letter lack merit and that pursuit of those claims would not be in the best interest of the Company or its shareholders. In summary, the EC uncovered no evidence of any breaches of fiduciary duty or wrongdoing that would give rise to claims belonging to the Company, nor did the EC find any merit to claims of corporate waste against the director defendants. The EC independently reviewed the Board’s challenged actions and, based on its independent investigation, determined that the Board’s decisions were sound and in the best interests of the Company and its shareholders. The EC further found no evidence suggesting the Board’s decisions were tainted by any preference for the interests of the Former Advisor or its affiliates over those of the Company and its stockholders. Environmental Matters In connection with the ownership and operation of real estate, the Company may potentially be liable for costs and damages related to environmental matters. The Company maintains environmental insurance for its properties that provides coverage for potential environmental liabilities, subject to the policy’s coverage conditions and limitations. The Company has not been notified by any governmental authority of any non-compliance,

Related Party Transactions and

Related Party Transactions and Arrangements	6 Months Ended
	Jun. 30, 2018
Related Party Transactions [Abstract]
Related Party Transactions and Arrangements	Note 12 — Related Party Transactions and Arrangements Viceroy Hotel The following table details revenues from related parties at the Viceroy Hotel. The Company did not have any receivables from related parties as of June 30, 2018 and 2017. Three Months Ended Six Months Ended (In thousands) June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 Hotel revenues $ — $ 2 $ 1 $ 5 Winthrop Advisor and its Affiliates On December 19, 2016 the Company entered into an agreement (the “Advisory Agreement”) with Winthrop Advisor, pursuant to which Winthrop Advisor served as the Company’s exclusive advisor with respect to all matters primarily related to any plan of liquidation and dissolution of the Company and as a consultant to the Board on certain other matters during the period from January 3, 2017 through March 7, 2017 and is serving as exclusive advisor to the Company from and after March 8, 2017. On each of January 3, 2017 and February 1, 2017, the Company paid Winthrop Advisor a fee of $500,000 in cash as compensation for advisory services and consulting services rendered prior to March 1, 2017. Beginning on March 1, 2017, the Company pays Winthrop Advisor an asset management fee equal to 0.325% per annum of the cost of assets (as defined in the Advisory Agreement) up to $3.0 billion and 0.25% per annum of the cost of assets in excess of $3.0 billion. The Company and the Winthrop Advisor entered into a second amendment to the Advisory Agreement on June 8, 2018 and a third amendment to the Advisory Agreement on August 7, 2018. Following the amendments, the revised terms on the Advisory Agreement are as follows: (i) the term of the Advisory Agreement will end on the earlier of the effective date of the conversion of the Company to a liquidating entity or the transfer of the Company’s assets to a liquidating trust (the “Liquidation Date”), or December 6, 2018, six months from the date of the second amendment. The term of the Advisory Agreement will automatically renew for a one-month (ii) the Advisory Agreement may be terminated upon 15 days written notice by a majority of the Company’s independent directors if the Company’s chief executive officer resigns or is otherwise unavailable to serve as the Company’s chief executive officer for any reason and the Winthrop Advisor has not proposed a new chief executive officer acceptable to a majority of the Company’s independent directors. On July 12, 2018, the Company’s independent directors voted unanimously to appoint John Garilli as Chief Executive Officer upon the resignation of Wendy Silverstein from the position and accordingly did not exercise the Company’s right to terminate the Advisory Agreement; (iii) in determining the Cost of Assets (as defined in the Advisory Agreement) for purposes of calculating the management fee payable to the Winthrop Advisor, the cost of the Viceroy Hotel will, for each month from and after April 2018, be deemed to equal its then-current book value; (iv) beginning with the fiscal quarter ending September 30, 2018 and ending on the Liquidation Date, the Company will pay Winthrop Advisor a supplemental fee of $25,000 per quarter (prorated for any partial quarter) in addition to the base management fee. (v) following the Liquidation Date, the Company will pay to the Winthrop Advisor a monthly fee of $100,000 and a supplemental fee of $50,000 per quarter (prorated for any partial quarter) for any period that the principal executive and financial officers of the successor entity to the Company are required to certify the financial and other information contained in the successor entity’s quarterly and annual reports pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, as amended; and (vi) from and after March 1, 2018, the Company agreed to reimburse the Winthrop Advisor for the compensation of Wendy Silverstein as the Company’s chief executive officer or otherwise, in such amounts as agreed to between the Winthrop Advisor and the Company, which provision is no longer applicable following Wendy Silverstein’s resignation. During the six months ended June 30, 2018, the Company reimbursed Winthrop Advisor $467,000 for compensation of the Chief Executive Officer. In connection with the adoption of liquidation accounting, the Company accrues costs it expects to incur through the end of liquidation. As of June 30, 2018, the Company has accrued asset management fees and compensation reimbursements totaling $1.8 million payable to Winthrop Advisor representing management’s estimate of future asset management fees to final liquidation, provided there is no assurance that the contract will continue to be extended at the same terms, if at all. This amount is included in estimated costs in excess of estimated receipts during liquidation. In connection with the payment of (i) any distributions of money or other property by the Company to its stockholders during the term of the Current Advisory Agreement and (ii) any other amounts paid to the Company’s stockholders on account of their shares of common stock in connection with a merger or other change in control transaction pursuant to an agreement with the Company entered into after March 8, 2017 (such distributions and payments, the “Hurdle Payments”), in excess of $11.00 per share (the “Hurdle Amount”), when taken together with all other Hurdle Payments, the Company will pay an incentive fee to Winthrop Advisor in an amount equal to 10.0% of such excess (the “Incentive Fee”). The Hurdle Amount will be increased on an annualized basis by an amount equal to the product of (a) the Treasury Rate plus 200 basis points and (b) the Hurdle Amount minus all previous Hurdle Payments. Based on the current estimated undiscounted net assets in liquidation, the Winthrop Advisor would not be entitled to receive any such incentive fee. Effective March 2017, Winthrop Property Manager began providing property management services to those properties for which the ARG Property Manager had been providing property management services. The Company paid to Winthrop Property Manager 1.75% of gross revenues, inclusive of all third party property management fees, for property management services provided to the Company by the Winthrop Property Manager or any of its affiliates. As of June 30, 2018, none of the Company’s properties are managed by the Winthrop Property Manager. The following table details amounts incurred by the Company to Winthrop Advisor and its affiliates in connection with the operations related services described above for the periods presented and any amounts payable to or due from Winthrop Advisor as of the dates specified: Payable as of Three Months Ended June 30, Six Months Ended June 30, June 30, December 31, (In thousands) 2018 2017 2018 2017 2018 2017 Asset management fees $ 692 $ 2,003 $ 1,555 $ 3,670 $ — $ — Property management fees 8 218 42 264 — 46 Reimbursements 300 — 467 — — — Total related party operational fees and reimbursements $ 1,000 $ 2,221 $ 2,064 $ 3,934 $ — $ 46 Former Advisor and its Affiliates Prior to March 8, 2017, the Company paid to the Former Advisor an asset management fee equal to 0.50% per annum of the cost of assets, as defined, up to $3.0 billion and 0.40% per annum of the cost of assets above $3.0 billion. Prior to March 8, 2017, unless the Company contracted with a third party, the Company paid the ARG Property Manager a property management fee equal to: (i) for non-hotel The Company reimbursed the Former Advisor for costs and expenses paid or incurred prior to March 8, 2017 by the Former Advisor and its affiliates in connection with providing services to the Company (including reasonable salaries and wages, benefits and overhead of all employees directly involved with the performance of such services), although the Company did not reimburse the Former Advisor for personnel costs in connection with services for which the Former Advisor received a separate fee. The following table details amounts incurred and paid by the Company to the Former Advisor and its affiliates in connection with the operations related services described above for the periods presented: Three Months Ended June 30, 2017 Six Months Ended June 30, 2017 (In thousands) Incurred Incurred To the Former Advisor and affiliates: Asset management fees $ — $ 2,339 Transfer agent and other professional fees — 414 Property management fees — 560 Total related party operational fees and reimbursements $ — $ 3,313 The Former Advisor, individual members of the Former Advisor, and employees or former employees of the Former Advisor held interests in the OP. On January 3, 2017, the Company issued 84,166 shares of its common stock upon redemption of 841,660 OP units held by the Former Advisor or members, employees or former employees of the Former Advisor. Following the issuance, no OP units remained outstanding other than OP units held by the Company corresponding to shares of the Company’s common stock.

Economic Dependency

Economic Dependency	6 Months Ended
	Jun. 30, 2018
Text Block [Abstract]
Economic Dependency	Note 13 — Economic Dependency Under various agreements, the Company has engaged Winthrop Advisor, its affiliates and entities under common control with Winthrop Advisor to provide certain services that are essential to the Company, including asset management services, supervision of the management and leasing of properties owned by the Company, asset acquisition and disposition decisions, as well as other administrative responsibilities for the Company including accounting services, transaction management and investor relations. As a result of these relationships, the Company is dependent upon Winthrop Advisor and its affiliates. In the event that these companies are unable to provide the Company with the respective services, the Company will be required to find alternative providers of these services.

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Jun. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based Compensation	Note 14 — Share-Based Compensation Stock Option Plan The Company has a stock option plan (the “Plan”) which authorizes the grant of nonqualified stock options to the Company’s independent directors, officers, advisors, consultants and other personnel, subject to the absolute discretion of the board of directors and the applicable limitations of the Plan. The exercise price for all stock options granted under the Plan will be equal to the fair market value of a share on the date of grant. Upon a change in control, unvested options will become fully vested and any performance conditions imposed with respect to the options will be deemed to be fully achieved. A total of 50,000 shares have been authorized and reserved for issuance under the Plan. As of June 30, 2018 and December 31, 2017, no stock options were issued under the Plan. Restricted Share Plan The Company’s employee and director incentive restricted share plan (“RSP”) provides the Company with the ability to grant awards of restricted shares to the Company’s directors, officers and employees (if the Company ever has employees), employees of the Former Advisor and its affiliates, employees of entities that provide services to the Company, directors of the Former Advisor or of entities that provide services to the Company, certain consultants to the Company and the Former Advisor and its affiliates or to entities that provide services to the Company. Under the RSP, the annual amount granted to the independent directors is determined by the board of directors. The maximum number of shares of stock granted under the RSP cannot exceed 10% of the Company’s outstanding shares of common stock on a fully diluted basis at any time. Restricted shares issued to independent directors generally vest over a three-year period in increments of 33.3% per annum. Generally, such awards provide for accelerated vesting of (i) all unvested restricted shares upon a change in control or a termination without cause and (ii) the portion of the unvested restricted shares scheduled to vest in the year of voluntary termination or the failure to be re-elected Restricted shares may not, in general, be sold or otherwise transferred until restrictions are removed and the shares have vested. Holders of restricted shares receive cash dividends and other distributions (including any liquidating distributions made pursuant to the Liquidation Plan) prior to the time that the restrictions on the restricted shares have lapsed. Any dividends payable in shares of common stock are subject to the same restrictions as the underlying restricted shares. The following table displays restricted share award activity during the six months ended June 30, 2018 as adjusted for the reverse stock split (see Note 1): Number of Weighted-Average Unvested, December 31, 2017 6,828 $ 103.20 Granted — — Vested 3,958 103.67 Unvested, June 30, 2018 2,870 102.61 2014 Advisor Multi-Year Outperformance Agreement On April 15, 2014 (the “Effective Date”), the Company entered into a multi-year outperformance agreement (the “OPP”) with the OP and the Former Advisor. Under the OPP, the Former Advisor was issued 8,880,579 LTIP Units in the OP with a maximum award value on the issuance date equal to 5.0% of the Company’s market capitalization (the “OPP Cap”). The LTIP Units are structured as profits interests in the Operating Partnership. Prior to the OPP Side Letter dated December 19, 2016 (“OPP Side Letter”), subject to the Former Advisor’s continued service through each vesting date, one third of any earned LTIP Units would vest on each of the third, fourth and fifth anniversaries of the Effective Date. On April 15, 2015 and 2016, in connection with the end of the One-Year Two-Year Based on calculations for the Three-Year Period, the Former Advisor earned 43,685 LTIP Units under the terms of the OPP on April 15, 2017. Pursuant to the terms of the OPP Side Letter, these LTIP units were immediately vested on April 15, 2017, were converted into unrestricted shares of the Company’s common stock on May 9, 2017, and were issued to the Former Advisor on May 9, 2017. Following the issuance of the shares of common stock on May 9, 2017, the remaining 7,664,156 LTIP Units issued to the Former Advisor were forfeited. Under the OPP, the Former Advisor’s eligibility to earn a number of LTIP units with a value equal to a portion of the OPP Cap upon the first, second and third anniversaries of the Effective Date was based on the Company’s achievement of certain levels of total return to the Company’s stockholders (“Total Return”), including both share price appreciation and common stock dividends, as measured against a peer group of companies, for the three-year performance period commencing on the Effective Date (the “Three-Year Period”); each 12-month “One-Year 24-month “Two-Year

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2018
Subsequent Events [Abstract]
Subsequent Events	Note 15 — Subsequent Events The Company has evaluated subsequent events through the filing of this Quarterly Report on Form 10-Q

Summary of Significant Accoun19

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements of the Company were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). All intercompany accounts and transactions have been eliminated in consolidation.
Liquidation Basis of Accounting	Liquidation Basis of Accounting As a result of the approval of the Liquidation Plan by the stockholders, the Company adopted the liquidation basis of accounting as of January 1, 2017 and for the periods subsequent to December 31, 2016 in accordance with GAAP. Accordingly, on January 1, 2017, the carrying value of the Company’s assets were adjusted to their liquidation value, which represents the estimated amount of cash that the Company will collect on disposal of assets as it carries out its liquidation activities under the Liquidation Plan. The current estimate of net assets in liquidation has been calculated based on undiscounted cash flow projections that all the properties will be sold by September 30, 2018 except for the remaining interest in Worldwide Plaza. The Company projects that the remaining interest in Worldwide Plaza will be sold approximately during the fourth quarter of 2021. The actual timing of sales has not yet been determined and is subject to future events and uncertainties. These estimates are subject to change based on the actual timing of future asset sales. The liquidation value of the Company’s investments in real estate is based on expected sales proceeds presented on an undiscounted basis. Estimated costs to dispose of assets have been presented separately from the related assets. Liabilities are carried at their contractual amounts due as adjusted for the timing and other assumptions related to the liquidation process. The Company accrues costs and revenues that it expects to incur and earn as it carries out its liquidation activities through the end of the projected liquidation period to the extent it has a reasonable basis for estimation. Estimated costs expected to be incurred through the end of the liquidation period include budgeted property expenses and corporate overhead, costs to dispose of the properties, mortgage interest expense, costs associated with satisfying known and contingent liabilities and other costs associated with the winding down and dissolution of the Company. Revenues are based on in-place re-lease As a result of the change to the liquidation basis of accounting, the Company no longer presents a Consolidated Balance Sheet, a Consolidated Statement of Operations and Comprehensive Income (Loss), a Consolidated Statement of Changes in Equity or a Consolidated Statement of Cash Flows.
Use of Estimates	Use of Estimates Certain of the Company’s accounting estimates are particularly important for an understanding of the Company’s financial position and results of operations and require the application of significant judgment by management. As a result, these estimates are subject to a degree of uncertainty. The Company is required to estimate all costs and revenue it expects to incur and earn through the end of liquidation including the estimated amount of cash it expects to collect on the disposal of its assets and the estimated costs to dispose of its assets. All of the estimates and evaluations are susceptible to change and actual results could differ materially from the estimates and evaluations.
Revenue Recognition	Revenue Recognition Under liquidation basis of accounting, the Company has accrued all revenue that it expects to earn through the end of liquidation to the extent it has a reasonable basis for estimation. Revenues are accrued based on contractual amounts due under the leases in place over the estimated hold period of each asset. These amounts are classified within liability for estimated costs in excess of estimated receipts during liquidation on the Consolidated Statement of Net Assets. In accordance with liquidation accounting, as of January 1, 2017, tenant and other receivables were adjusted to their net realizable values. Management continually reviews tenant and other receivables to determine collectability. Any changes in the collectability of the receivables is reflected in the net realizable value of the receivable. The Company owns certain properties with leases that include provisions for the tenant to pay contingent rental income based on a percent of the tenant’s sales upon the achievement of certain sales thresholds or other targets which may be monthly, quarterly or annual targets. Contingent rental income is not contemplated under liquidation accounting unless there is a reasonable basis to estimate future receipts.
Investments in Real Estate	Investments in Real Estate As of January 1, 2017, the investments in real estate were adjusted to their estimated net realizable value upon sale, or liquidation value, to reflect the change to the liquidation basis of accounting. The liquidation value represents the estimated amount of cash the Company expects to collect on the disposal of its assets as it carries out the liquidation activities of its Liquidation Plan. The liquidation value of the Company’s investments in real estate are presented on an undiscounted basis. Estimated revenue during the period following the commencement of liquidation and prior to the expected sale date and costs to dispose of these assets are presented separately from the related assets. Subsequent to January 1, 2017, all changes in the estimated liquidation value of the investments in real estate are reflected as a change in the Company’s net assets in liquidation presented on an undiscounted basis. The liquidation value of investments in real estate is based on a number of factors including discounted cash flow and direct capitalization analyses, detailed analysis of current market comparables and broker opinions of value, and binding purchase offers to the extent available.
Investment in Unconsolidated Joint Venture	Investment in Unconsolidated Joint Venture The Company accounts for its investment in unconsolidated joint venture under the equity method of accounting because the Company exercises significant influence over, but does not control the entity and is not considered to be the primary beneficiary. Under liquidation accounting, the investment in unconsolidated joint venture is recorded at its net realizable value. The Company evaluates the net realizable value of its unconsolidated joint venture at each reporting period. Any changes in net realizable value will be reflected as a change in the Company’s net assets in liquidation. The liquidation value of the Company’s remaining investment in Worldwide Plaza as of June 30, 2018 is based on the value of the property as a result of the Company’s recent sale of its 48.7% interest in Worldwide Plaza (See Note 7).
Amortization	Amortization Under liquidation accounting, intangible assets and liabilities are included in the liquidation value of investments in real estate and are no longer amortized.
Restricted Cash	Restricted Cash Restricted cash primarily consists of the $90.7 million capital improvement reserve for Worldwide Plaza with the balance representing maintenance, real estate tax, structural and debt service reserves.
Recent Accounting Pronouncement	Recent Accounting Pronouncement There are no new accounting pronouncements that are applicable or relevant to the Company under the liquidation basis of accounting.

Liability for Estimated Costs20

Liability for Estimated Costs in Excess of Estimated Receipts During Liquidation (Tables)	6 Months Ended
	Jun. 30, 2018
Text Block [Abstract]
Summary of Accrued Revenues and Expenses Expected to Earned or Incurred During Liquidation	The Company accrued the following revenues and expenses expected to be earned or incurred during liquidation (in thousands): June 30, 2018 December 31, 2017 Rents and reimbursements $ — $ 1,956 Hotel revenues 3,937 11,769 Release of liability 4,234 — Property operating expenses — 1,930 Hotel operating expense (2,638 ) (10,487 ) Interest expense — (1,780 ) General and administrative expenses (5,868 ) (11,137 ) Capital expenditures (305 ) (920 ) Sales costs (1,534 ) (18,559 ) Liability for estimated costs in excess of estimated receipts during liquidation $ (2,174 ) $ (27,228 )
Schedule of Changes in Liability for Estimated Costs in Excess of Estimated Receipts During Liquidation	The change in the liability for estimated costs in excess of estimated receipts during liquidation for the six month periods ended June 30, 2018 and 2017 are as follows (in thousands): January 1, 2018 Net Change Remeasurement June 30, 2018 Assets: Estimated net inflows from investments in real estate $ 3,920 $ (2,781 ) $ 4,089 $ 5,228 Liabilities: Sales costs (18,559 ) 16,721 304 (1,534 ) Corporate expenditures (12,589 ) 8,433 (1,712 ) (5,868 ) (31,148 ) 25,154 (1,408 ) (7,402 ) Total liability for estimated costs in excess of estimated receipts during liquidation $ (27,228 ) $ 22,373 $ 2,681 $ (2,174 ) January 1, 2017 Net Change Remeasurement Consolidation (2) June 30, 2017 Assets: Estimated net inflows from investments in real estate $ 58,303 $ (31,285 ) $ (1,456 ) $ (1,572 ) $ 23,990 Liabilities: Sales costs (69,524 ) — 84 (57,334 ) (126,774 ) Corporate expenditures (67,360 ) 32,934 (1,882 ) — (36,308 ) (136,884 ) 32,934 (1,798 ) (57,334 ) (163,082 ) Total liability for estimated costs in excess of estimated receipts during liquidation $ (78,581 ) $ 1,649 $ (3,254 ) $ (58,906 ) $ (139,092 ) (1) Represents changes in cash, restricted cash, accounts receivable, accounts payable and accrued expenses as a result of the Company’s operating activities for the six month periods ended June 30, 2018 and 2017. (2) Represents adjustments necessary to reflect consolidation of Worldwide Plaza (see Note 7).

Real Estate Investments (Tables

Real Estate Investments (Tables)	6 Months Ended
	Jun. 30, 2018
Real Estate [Abstract]
Schedule of Annualized Rental Income by Major Tenants	The following table lists the tenants whose annualized cash rent represented greater than 10% of total annualized cash rent for the six months ended June 30, 2018 and 2017, including annualized cash rent related to the Company’s unconsolidated joint venture: June 30, Property Portfolio Tenant 2018 2017 Worldwide Plaza Cravath, Swaine & Moore, LLP 46.8 % 24.3 % Worldwide Plaza Nomura Holdings America, Inc. 30.3 % 15.8 %

Investment in Unconsolidated 22

Investment in Unconsolidated Joint Venture (Tables)	6 Months Ended
	Jun. 30, 2018
Equity Method Investments and Joint Ventures [Abstract]
Condensed Balance Sheet	The condensed balance sheets as of June 30, 2018 and December 31, 2017 for Worldwide Plaza are as follows: (In thousands) June 30, December 31, Real estate assets, at cost $ 825,369 $ 825,310 Less accumulated depreciation and amortization (198,807 ) (185,377 ) Total real estate assets, net 626,562 639,933 Cash and cash equivalents 21,982 15,964 Other assets 161,642 161,285 Total assets $ 810,186 $ 817,182 Debt $ 1,219,156 $ 1,213,193 Other liabilities 130,434 126,142 Total liabilities 1,349,590 1,339,335 Deficit (539,404 ) (522,153 ) Total liabilities and deficit $ 810,186 $ 817,182
Condensed Income Statement	The condensed statements of operations for the three and six months ended June 30, 2018 and 2017 for Worldwide Plaza are as follows: Three Months Ended Six Months Ended (In thousands) June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 Rental income $ 35,602 $ 33,559 $ 69,781 $ 67,859 Operating expenses: Operating expenses 13,963 12,960 27,910 26,359 Depreciation and amortization 7,663 7,285 15,313 14,487 Total operating expenses 21,626 20,245 43,223 40,846 Operating income 13,976 13,314 26,558 27,013 Interest expense (18,402 ) (13,632 ) (36,607 ) (28,887 ) Net loss $ (4,426 ) $ (318 ) $ (10,049 ) $ (1,874 )

Mortgage Notes Payable (Tables)

Mortgage Notes Payable (Tables)	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
Schedule of Mortgage Notes Payable	The Company’s mortgage notes payable as of June 30, 2018 and December 31, 2017 consist of the following (in thousands): Outstanding Loan Amount Portfolio June 30, 2018 December 31, 2017 Mortgage Loan (1) $ — $ 176,246 1100 Kings Highway (2) — 20,200 Design Center (2) — 19,048 Mortgage notes payable, gross principal amount $ — $ 215,494 (1) Loan was repaid on April 19, 2018. All properties have been released as collateral. (2) Loans were paid off in connection with the sale of the property.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases	The following table reflects the minimum contractual base cash payments, excluding reimbursements, due from the Company over the next five years and thereafter under the Viceroy Hotel ground lease agreement. These amounts exclude contingent rent payments, as applicable, that may be payable based on provisions related to increases in annual rent based on exceeding certain economic indexes among other items. The rent payments under the ground lease with respect to the leasehold interest will be paid by the purchaser following the sale of the property. Future Minimum (In thousands) Ground Lease July 1, 2018 - December 31, 2018 $ 2,636 2019 5,346 2020 5,346 2021 5,547 2022 5,828 Thereafter 234,905 Total minimum lease payments $ 259,608

Related Party Transactions an25

Related Party Transactions and Arrangements (Tables)	6 Months Ended
	Jun. 30, 2018
Schedule of Related Party Transactions	The following table details revenues from related parties at the Viceroy Hotel. The Company did not have any receivables from related parties as of June 30, 2018 and 2017. Three Months Ended Six Months Ended (In thousands) June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 Hotel revenues $ — $ 2 $ 1 $ 5
Winthrop Advisor and its Affiliates [Member]
Schedule of Amount Incurred and Paid in Connection With Operation Related Services	The following table details amounts incurred by the Company to Winthrop Advisor and its affiliates in connection with the operations related services described above for the periods presented and any amounts payable to or due from Winthrop Advisor as of the dates specified: Payable as of Three Months Ended June 30, Six Months Ended June 30, June 30, December 31, (In thousands) 2018 2017 2018 2017 2018 2017 Asset management fees $ 692 $ 2,003 $ 1,555 $ 3,670 $ — $ — Property management fees 8 218 42 264 — 46 Reimbursements 300 — 467 — — — Total related party operational fees and reimbursements $ 1,000 $ 2,221 $ 2,064 $ 3,934 $ — $ 46
Former Advisor and its Affiliates [Member]
Schedule of Amount Incurred and Paid in Connection With Operation Related Services	The following table details amounts incurred and paid by the Company to the Former Advisor and its affiliates in connection with the operations related services described above for the periods presented: Three Months Ended June 30, 2017 Six Months Ended June 30, 2017 (In thousands) Incurred Incurred To the Former Advisor and affiliates: Asset management fees $ — $ 2,339 Transfer agent and other professional fees — 414 Property management fees — 560 Total related party operational fees and reimbursements $ — $ 3,313

Share-Based Compensation (Table

Share-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Restricted Share Award Activity	The following table displays restricted share award activity during the six months ended June 30, 2018 as adjusted for the reverse stock split (see Note 1): Number of Weighted-Average Unvested, December 31, 2017 6,828 $ 103.20 Granted — — Vested 3,958 103.67 Unvested, June 30, 2018 2,870 102.61

Organization - Additional Infor

Organization - Additional Information (Detail) - Liquidation Value [Member]	1 Months Ended		3 Months Ended
	Jun. 30, 2018ft²Investment	Mar. 31, 2018	Jun. 30, 2018ft²Investment
Organization [Line Items]
Number of investments | Investment	2		2
Area of investments | ft²	1,100,000		1,100,000
Occupancy percentage	98.20%		98.20%
Reverse stock split description	1-for-10 reverse stock split	1-for-10 reverse stock split
Reverse Stock split ratio	0.1	0.1
Supplier Concentration Risk [Member] | Composition of Real Estate Portfolio [Member] | Office Building [Member] | Worldwide Plaza [Member]
Organization [Line Items]
Concentration risk percent			78.00%
Supplier Concentration Risk [Member] | Composition of Real Estate Portfolio [Member] | Hotel [Member] | Worldwide Plaza [Member]
Organization [Line Items]
Concentration risk percent			17.00%
Supplier Concentration Risk [Member] | Composition of Real Estate Portfolio [Member] | Retail Site [Member] | Worldwide Plaza [Member]
Organization [Line Items]
Concentration risk percent			5.00%

Summary of Significant Accoun28

Summary of Significant Accounting Policies - Additional Information (Detail) - Worldwide Plaza [Member] - Liquidation Value [Member] - USD ($) $ in Millions	Jun. 30, 2018	Oct. 18, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Sale of equity method investment percentage		48.70%
Capital Improvement Reserve [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Restricted cash	$ 90.7

Liability for Estimated Costs29

Liability for Estimated Costs in Excess of Estimated Receipts During Liquidation - Summary of Accrued Revenues and Expenses Expected to Earned or Incurred During Liquidation (Detail) - Liquidation Value [Member] - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Liquidation Basis Of Accounting [Line Items]
Rents and reimbursements		$ 1,956
Release of liability	$ 4,234
Property operating expenses		1,930
Interest expense		(1,780)
General and administrative expenses	(5,868)	(11,137)
Capital expenditures	(305)	(920)
Sales costs	(1,534)	(18,559)
Liability for estimated costs in excess of estimated receipts during liquidation	(2,174)	(27,228)
Hotel [Member]
Liquidation Basis Of Accounting [Line Items]
Hotel revenues	3,937	11,769
Hotel operating expense	$ (2,638)	$ (10,487)

Liability for Estimated Costs30

Liability for Estimated Costs in Excess of Estimated Receipts During Liquidation - Schedule of Changes in Liability for Estimated Costs in Excess of Estimated Receipts During Liquidation (Detail) - Liquidation Value [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Business Acquisition [Line Items]
Liability for estimated costs in excess of estimated receipts during liquidation, beginning balance			$ (27,228)	$ (78,581)
Net Change in Working Capital			(22,373)	(1,649)
Remeasurement of Assets and Liabilities	$ (3)	$ 3,375	(2,681)	3,254
Consolidation				(58,906)
Liability for estimated costs in excess of estimated receipts during liquidation, ending balance	(2,174)	(139,092)	(2,174)	(139,092)
Assets [Member]
Business Acquisition [Line Items]
Estimated net inflows from investments in real estate			3,920	58,303
Net Change in Working Capital			2,781	31,285
Remeasurement of Assets and Liabilities			4,089	(1,456)
Consolidation				1,572
Estimated net inflows from investments in real estate, ending balance	5,228	23,990	5,228	23,990
Liability [Member]
Business Acquisition [Line Items]
Total liability for estimated costs, beginning balance			(31,148)	(136,884)
Net Change in Working Capital			25,154	32,934
Remeasurement of Assets and Liabilities			(1,408)	(1,798)
Consolidation				(57,334)
Total liability for estimated costs, ending balance	(7,402)	(163,082)	(7,402)	(163,082)
Liability [Member] | Sales Costs [Member]
Business Acquisition [Line Items]
Total liability for estimated costs, beginning balance			(18,559)	(69,524)
Net Change in Working Capital			16,721
Remeasurement of Assets and Liabilities			304	84
Consolidation				(57,334)
Total liability for estimated costs, ending balance	(1,534)	(126,774)	(1,534)	(126,774)
Liability [Member] | Corporate Expenditures [Member]
Business Acquisition [Line Items]
Total liability for estimated costs, beginning balance			(12,589)	(67,360)
Net Change in Working Capital			8,433	32,934
Remeasurement of Assets and Liabilities			(1,712)	(1,882)
Total liability for estimated costs, ending balance	$ (5,868)	$ (36,308)	$ (5,868)	$ (36,308)

Net Assets in Liquidation - Add

Net Assets in Liquidation - Additional Information (Detail) - Liquidation Value [Member] - USD ($) $ / shares in Units, $ in Thousands	Jun. 30, 2018	May 18, 2018	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017	Oct. 18, 2017	Mar. 31, 2017	Jan. 01, 2017
Net Assets In Liquidation [Line Items]
Increase (decrease) in net assets subject to liquidation			$ (81,300)			$ (411,800)	$ (5,900)
Liquidating distribution to common stockholders	$ 932,800		81,440			417,298
Net increase (decrease) in liquidation value			(91)		$ 5,995	(5,543)	5,874
Release of liability						4,234
Decrease in net operating cash flow					(1,000)
Increase in estimated asset management fee payable					1,200
Increase in interest expense					400
Decrease in liquidation value of investments in real estate			(5,000)		(2,500)	(9,000)	(2,500)
Increase in projected tenant improvements					1,700
Increase in corporate expenditures primarily related to asset management fees					1,800
Increase in estimated cash flows						$ 1,100
Liquidating distributions per common share	$ 80.64	$ 4.85				$ 25.09
Net assets in liquidation	$ 421,358		421,358	$ 502,707	$ 1,547,052	$ 421,358	$ 1,547,052	$ 833,113		$ 1,553,047	$ 1,552,926
Viceroy Management Agreement [Member]
Net Assets In Liquidation [Line Items]
Net increase (decrease) in liquidation value			(5,000)			(9,000)
Release of liability						4,200
Remeasurement [Member]
Net Assets In Liquidation [Line Items]
Net increase (decrease) in liquidation value				$ (100)		(1,600)
Worldwide Plaza [Member]
Net Assets In Liquidation [Line Items]
Net increase (decrease) in liquidation value			5,100			11,900
Liquidation value of property	$ 1,725,000		$ 1,725,000			$ 1,725,000
Sale of equity method investment percentage									48.70%
Common Stock [Member]
Net Assets In Liquidation [Line Items]
Common stock, shares outstanding	16,791,769		16,791,769			16,791,769		16.8
Liquidating distributions per common share	$ 55.55

Real Estate Investments - Addit

Real Estate Investments - Additional Information (Detail) - USD ($) $ in Millions

Jun. 29, 2018

May 01, 2018

Apr. 19, 2018

Feb. 16, 2018

Feb. 14, 2018

Feb. 06, 2018

Jan. 10, 2018

Jan. 05, 2018

Jun. 30, 2018

Jun. 30, 2017

Mar. 31, 2018

Dec. 31, 2017

Liquidation Value [Member] | 333 West 34th Street [Member]

Real Estate Properties [Line Items]

Proceeds from sale of property

$ 255

Aggregate face amount

760

Payment of debt

110.6

Net proceeds from payment of debt

$ 134.6

Liquidation value of property

$ 255

Liquidation Value [Member] | One Jackson Sq [Member]

Real Estate Properties [Line Items]

Proceeds from sale of property

$ 31

Aggregate face amount

760

Payment of debt

13

Net proceeds from payment of debt

$ 16.5

Liquidation value of property

31

Liquidation Value [Member] | 350 West 42nd Street [Member]

Real Estate Properties [Line Items]

Proceeds from sale of property

$ 25.1

Aggregate face amount

760

Payment of debt

11.3

Net proceeds from payment of debt

$ 12.6

Liquidation value of property

25.1

Liquidation Value [Member] | 306 East 61st Street [Member]

Real Estate Properties [Line Items]

Proceeds from sale of property

$ 47

Net proceeds from payment of debt

26.5

Liquidation value of property

47

Liquidation Value [Member] | 306 East 61st Street [Member] | Mortgages [Member]

Real Estate Properties [Line Items]

Aggregate face amount

$ 19

Liquidation Value [Member] | 2091 Coney Island Avenue [Member]

Real Estate Properties [Line Items]

Proceeds from sale of property

$ 3.8

Payment of debt

4.4

Liquidation value of property

3.8

Liquidation Value [Member] | 416 Washington Street [Member]

Real Estate Properties [Line Items]

Proceeds from sale of property

$ 11.2

Net proceeds from payment of debt

5.1

Liquidation value of property

$ 11.2

11.2

Liquidation Value [Member] | 416 Washington Street [Member] | Mortgages [Member]

Real Estate Properties [Line Items]

Aggregate face amount

760

Payment of debt

5.5

Liquidation Value [Member] | 2067 - 2073 Coney Island Avenue [Member]

Real Estate Properties [Line Items]

Proceeds from sale of property

$ 30.5

Liquidation value of property

30.5

30.5

Liquidation Value [Member] | 350 Bleecker Street [Member]

Real Estate Properties [Line Items]

Proceeds from sale of property

31.5

Liquidation value of property

31.5

31.5

Net proceeds from sale of property

$ 8.8

Sale completion date

Apr. 19, 2018

Liquidation Value [Member] | 350 Bleecker Street [Member] | Mortgages [Member]

Real Estate Properties [Line Items]

Aggregate face amount

$ 760

Payment of debt

$ 21.1

Liquidation Value [Member] | Centurion Parking Garage [Member]

Real Estate Properties [Line Items]

Proceeds from sale of property

3.5

Liquidation value of property

3.5

3.5

Customer Concentration Risk [Member] | Liquidation Value [Member] | Sales Revenue, Services, Net [Member] | Minimum [Member]

Real Estate Properties [Line Items]

Major tenant rental income, as a percentage of total annualized rental income

10.00%

10.00%

1100 Kings Highway [Member] | Liquidation Value [Member] | 2091 Coney Island Avenue [Member] | Mortgages [Member]

Real Estate Properties [Line Items]

Aggregate face amount

$ 20.2

1100 Kings Highway [Member] | Liquidation Value [Member] | 2067 - 2073 Coney Island Avenue [Member] | Mortgages [Member]

Real Estate Properties [Line Items]

Aggregate face amount

$ 20.2

Viceroy Hotel [Member]

Real Estate Properties [Line Items]

Estimated liquidation value

$ 46

$ 50

Revised liquidation value

$ 41

Viceroy Hotel [Member] | Contract for Sale [Member]

Real Estate Properties [Line Items]

Agreement purchase price

$ 41

Real Estate Investments - Sched

Real Estate Investments - Schedule of Annualized Rental Income by Major Tenants (Detail) - Liquidation Value [Member] - Worldwide Plaza [Member]	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Cravath, Swaine & Moore LLP [Member]
Revenue, Major Customer [Line Items]
Percentage of total annualized rental income	46.80%	24.30%
Nomura Holdings America, Inc [Member]
Revenue, Major Customer [Line Items]
Percentage of total annualized rental income	30.30%	15.80%

Investment in Unconsolidated 34

Investment in Unconsolidated Joint Venture - Additional Information (Detail) - USD ($) $ in Thousands	Oct. 18, 2017	Jun. 01, 2017	Jun. 30, 2018	Dec. 31, 2017	Oct. 30, 2013
Worldwide Plaza [Member]
Schedule of Equity Method Investments [Line Items]
Ownership percentage			50.10%		48.90%
Debt refinance amount	$ 1,200,000
Cash received from sale and excess proceeds from financing	446,500
Defeasance and prepayment costs	108,300
Reserved amount	$ 90,700
Debt blended rate	3.98%
Maturity date			2027-11
Property selling percentage			100.00%
Option to purchase percentage of property			100.00%
Property purchase option period			45 days
Re-offer property selling percentage			92.50%
Worldwide Plaza [Member] | SL Green Realty Corp. and RXR Realty LLC [Member]
Schedule of Equity Method Investments [Line Items]
Ownership percentage	48.70%
Liquidation value of property	$ 1,725,000
Liquidation Value [Member]
Schedule of Equity Method Investments [Line Items]
Mortgage notes payable			$ 0	$ 215,494
Liquidation Value [Member] | Worldwide Plaza [Member]
Schedule of Equity Method Investments [Line Items]
Additional acquire percentage		49.90%
Ownership percentage			98.80%
Aggregate cost		$ 276,700
Purchase obligation		1,400,000
Mortgage notes payable		$ 875,000
Joint venture partner's right to maintain minimum ownership percentage		1.20%
Liquidation value of property			$ 1,725,000

Investment in Unconsolidated 35

Investment in Unconsolidated Joint Venture - Consolidated Balance Sheet (Detail) - Worldwide Plaza [Member] - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Schedule of Equity Method Investments [Line Items]
Real estate assets, at cost	$ 825,369	$ 825,310
Less accumulated depreciation and amortization	(198,807)	(185,377)
Total real estate assets, net	626,562	639,933
Cash and cash equivalents	21,982	15,964
Other assets	161,642	161,285
Total Assets	810,186	817,182
Debt	1,219,156	1,213,193
Other liabilities	130,434	126,142
Total liabilities	1,349,590	1,339,335
Deficit	(539,404)	(522,153)
Total liabilities and deficit	$ 810,186	$ 817,182

Investment in Unconsolidated 36

Investment in Unconsolidated Joint Venture - Condensed Income Statement (Detail) - Worldwide Plaza [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Schedule of Equity Method Investments [Line Items]
Rental income	$ 35,602	$ 33,559	$ 69,781	$ 67,859
Operating expenses:
Operating expenses	13,963	12,960	27,910	26,359
Depreciation and amortization	7,663	7,285	15,313	14,487
Total operating expenses	21,626	20,245	43,223	40,846
Operating income	13,976	13,314	26,558	27,013
Interest expense	(18,402)	(13,632)	(36,607)	(28,887)
Net loss	$ (4,426)	$ (318)	$ (10,049)	$ (1,874)

Mortgage Notes Payable - Additi

Mortgage Notes Payable - Additional Information (Detail) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017	Dec. 20, 2016
Liquidation Value [Member]
Debt Instrument [Line Items]
Outstanding loan amount	$ 0	$ 215,494
Liquidation Value [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Outstanding loan amount		215,494
Mortgage Loan [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Aggregate face amount			$ 500,000
Mortgage Loan [Member] | Liquidation Value [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Outstanding loan amount		$ 176,246
Mezzanine Loan [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Aggregate face amount			$ 260,000

Mortgage Notes Payable - Schedu

Mortgage Notes Payable - Schedule of Mortgage Notes Payable (Detail) - Liquidation Value [Member] - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Outstanding loan amount	$ 0	$ 215,494
Mortgages [Member]
Debt Instrument [Line Items]
Outstanding loan amount		215,494
Mortgages [Member] | Mortgage Loan [Member]
Debt Instrument [Line Items]
Outstanding loan amount		176,246
Mortgages [Member] | 1100 Kings Highway [Member]
Debt Instrument [Line Items]
Outstanding loan amount		20,200
Mortgages [Member] | Design Center [Member]
Debt Instrument [Line Items]
Outstanding loan amount		$ 19,048

Interest Rate Derivatives and39

Interest Rate Derivatives and Hedging Activities - Additional Information (Detail)	Jan. 01, 2017USD ($)
Liquidation Value [Member]
Derivative [Line Items]
Derivative financial instruments	$ 0

Common Stock - Additional Infor

Common Stock - Additional Information (Detail) - Liquidation Value [Member]	Jun. 30, 2018$ / sharesshares	May 18, 2018$ / shares	Jan. 26, 2018$ / shares	Jan. 03, 2017shares	Jun. 30, 2018shares	Mar. 31, 2018	Jun. 30, 2018$ / sharesshares	Dec. 31, 2017$ / sharesshares
Class of Stock [Line Items]
Reverse stock split description					1-for-10 reverse stock split	1-for-10 reverse stock split
Reverse Stock split ratio					0.1	0.1
Aggregate liquidating distributions per share | $ / shares								$ 30.70
Cash liquidating distribution per share | $ / shares			$ 20
Liquidating distributions per common share | $ / shares	$ 80.64	$ 4.85					$ 25.09
Common Stock [Member]
Class of Stock [Line Items]
Common stock, shares outstanding | shares	16,791,769				16,791,769		16,791,769	16.8
Liquidating distributions per common share | $ / shares	$ 55.55
Operating Partnership Unit [Member]
Class of Stock [Line Items]
Shares redeemed | shares				841,660
Outstanding units | shares	0				0		0	0
Conversion To Operating Partnership Units [Member] | Common Stock [Member]
Class of Stock [Line Items]
Shares issued | shares				84,166

Commitments and Contingencies -

Commitments and Contingencies - Schedule of Future Minimum Rental Payments for Operating Leases (Detail) - Liquidation Value [Member] $ in Thousands	Jun. 30, 2018USD ($)
Operating leases
2018, Ground Leases	$ 2,636
2019, Ground Leases	5,346
2020, Ground Leases	5,346
2021, Ground Leases	5,547
2022, Ground Leases	5,828
Thereafter, Ground Leases	234,905
Total minimum lease payments	$ 259,608

Commitments and Contingencies42

Commitments and Contingencies - Additional Information (Detail) - Liquidation Value [Member] - USD ($) $ in Millions	Jun. 05, 2018	Jun. 30, 2018
Eastdil/Wells Fargo Arbitration [Member] | Corporate Joint Venture [Member]
Loss Contingencies [Line Items]
Percentage of interest sold in joint venture	48.70%
Liability for Estimated Costs In Excess of Estimated Receipts [Member]
Loss Contingencies [Line Items]
Future minimum base rent payments related to ground lease accrued		$ 0.8

Related Party Transactions an43

Related Party Transactions and Arrangements - Schedule of Related Party Transactions (Detail) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Affiliated Entity [Member] | Liquidation Value [Member] | Viceroy Hotel [Member]
Related Party Transaction [Line Items]
Hotel revenues	$ 2	$ 1	$ 5

Related Party Transactions an44

Related Party Transactions and Arrangements - Additional Information (Detail) - Liquidation Value [Member] - USD ($)	Feb. 28, 2017	Jan. 03, 2017	Mar. 31, 2017	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017	Mar. 07, 2017	Mar. 01, 2017
Related Party Transaction [Line Items]
Cost reimbursed as compensation						$ 467,000
Advisor [Member]
Related Party Transaction [Line Items]
Asset management fees as a percentage of benchmark									0.50%
Cost of assets maximum									$ 3,000,000,000
Advisor [Member] | Average Invested Assets [Member]
Related Party Transaction [Line Items]
Cost of assets maximum									$ 3,000,000,000
Asset management fees earned above									0.40%
Advisor [Member] | Gross Revenue, Multi-tenant Properties [Member]
Related Party Transaction [Line Items]
Property management fees as a percentage of benchmark									4.00%
Advisor [Member] | Gross Revenue, Multi-tenant Properties [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Oversight fees as a percentage of benchmark									1.00%
Advisor [Member] | Advisory and Consulting Fee [Member]
Related Party Transaction [Line Items]
Fees paid to related parties	$ 500,000	$ 500,000
Advisor [Member] | Post Liquidation Date Agreement Monthly Supplemental Fee [Member]
Related Party Transaction [Line Items]
Fees paid to related parties						100,000
Advisor [Member] | Post Liquidation Date Agreement Quarterly Supplemental Fee [Member]
Related Party Transaction [Line Items]
Fees paid to related parties						50,000
Advisor [Member] | Pre Liquidation Date Agreement Quarterly Supplemental Fee [Member]
Related Party Transaction [Line Items]
Fees paid to related parties						25,000
Service Provider and Affiliates [Member]
Related Party Transaction [Line Items]
Asset management fees as a percentage of benchmark										0.325%
Cost of assets maximum										$ 3,000,000,000
Asset management fees earned above										0.25%
Incentive fee, percentage of excess of hurdle amount			10.00%
Hurdle amount (in dollars per share)			$ 11
Property management fees as a percentage of gross revenue			1.75%
Winthrop Advisor and its Affiliates [Member]
Related Party Transaction [Line Items]
Fees paid to related parties				$ 1,000,000	$ 2,221,000	2,064,000	$ 3,934,000
Asset management fees and compensation reimbursements payable								$ 46,000
Winthrop Advisor and its Affiliates [Member] | Asset Management Fees [Member]
Related Party Transaction [Line Items]
Fees paid to related parties				692,000	$ 2,003,000	1,555,000	$ 3,670,000
Asset management fees and compensation reimbursements payable				$ 1,800,000		$ 1,800,000
OP Units [Member] | Advisor [Member]
Related Party Transaction [Line Items]
Redemption of OP units		841,660
Common Stock [Member] | Advisor [Member]
Related Party Transaction [Line Items]
Shares issued upon redemption		84,166

Related Party Transactions an45

Related Party Transactions and Arrangements - Schedule of Amount Incurred and Paid in Connection With Operation Related Services (Detail) - Liquidation Value [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Former Advisor and its Affiliates [Member]
Related Party Transaction [Line Items]
Expenses incurred				$ 3,313
Former Advisor and its Affiliates [Member] | Asset Management Fees [Member]
Related Party Transaction [Line Items]
Expenses incurred				2,339
Former Advisor and its Affiliates [Member] | Transfer Agent and Other Professional Fees [Member]
Related Party Transaction [Line Items]
Expenses incurred				414
Former Advisor and its Affiliates [Member] | Property Management Fees [Member]
Related Party Transaction [Line Items]
Expenses incurred				560
Winthrop Advisor and its Affiliates [Member]
Related Party Transaction [Line Items]
Expenses incurred	$ 1,000	$ 2,221	$ 2,064	3,934
Payable					$ 46
Winthrop Advisor and its Affiliates [Member] | Asset Management Fees [Member]
Related Party Transaction [Line Items]
Expenses incurred	692	2,003	1,555	3,670
Payable	1,800		1,800
Winthrop Advisor and its Affiliates [Member] | Property Management Fees [Member]
Related Party Transaction [Line Items]
Expenses incurred	8	$ 218	42	$ 264
Payable					$ 46
Winthrop Advisor and its Affiliates [Member] | Reimbursements [Member]
Related Party Transaction [Line Items]
Expenses incurred	$ 300		$ 467

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Detail) - shares	Apr. 15, 2017	Apr. 15, 2016	Apr. 15, 2015	Apr. 15, 2014	Jun. 30, 2018	Dec. 31, 2017	May 09, 2017
Performance Shares [Member] | LTIP Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
OPP units issued				8,880,579
New Multi-Year Outperformance Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Company's market capitalization percentage				5.00%
One-Year Period [Member] | Performance Shares [Member] | New Multi-Year Outperformance Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted			367,059
Two-Year Period [Member] | Performance Shares [Member] | New Multi-Year Outperformance Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted		805,679
Liquidation Value [Member] | Stock Option Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized					50,000
Stock options issued					0	0
Liquidation Value [Member] | Unvested Restricted Shares [Member] | Restricted Share Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted					0
Liquidation Value [Member] | Performance Shares [Member] | LTIP Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of shares of common stock remaining units							7,664,156
Liquidation Value [Member] | Three -Year Period [Member] | Performance Shares [Member] | New Multi-Year Outperformance Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted	43,685
Director [Member] | Liquidation Value [Member] | Unvested Restricted Shares [Member] | Restricted Share Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum percent of awards as a percent of total outstanding					10.00%
Vesting period					3 years
Vesting percentage					33.30%

Share-Based Compensation - Sche

Share-Based Compensation - Schedule of Restricted Share Award Activity (Detail) - Unvested Restricted Shares [Member] - Liquidation Value [Member] - Restricted Share Plan [Member]	6 Months Ended
	Jun. 30, 2018$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Restricted Shares, Beginning balance | shares	6,828
Number of Restricted Shares, Granted | shares	0
Number of Restricted Shares, Vested | shares	3,958
Number of Restricted Shares, Ending balance | shares	2,870
Weighted-Average Issue Price, Beginning balance | $ / shares	$ 103.20
Weighted-Average Issue Price, Granted | $ / shares	0
Weighted-Average Issue Price, Vested | $ / shares	103.67
Weighted-Average Issue Price, Ending balance | $ / shares	$ 102.61